Serent Capital Sells Commissions Inc. to Fidelity National Financial
San Francisco, CA - July 28, 2016 — Serent Capital ("Serent"), a San Francisco-based private equity firm, announced that it has signed a definitive agreement to sell Commissions, Inc. (“CINC”) the fastest-growing residential real estate software platform, to Fidelity National Financial (NYSE:FNF).
Founded in 2011, CINC has quickly become the nation’s leading provider of CRM, lead generation and management software to elite residential real estate agents and teams, with a customer base that collectively completed over 170,000 real estate transactions over the last year. CINC’s solution enables the country’s busiest agents to generate more leads, improve client engagement, and effectively manage their team and business.
“Serent helped us to unlock the vision we had for CINC from its earliest days,” said Duane LeGate, CEO and co-founder of CINC. “The partnership with Serent was a strong one, shaped by our shared values and trust. From day one, we remain committed to delivering exceptional quality to our customers, growing the number of teams on our platform, and maintaining a unique culture. Serent’s significant operational support and resources helped us build out our senior organization while more than doubling revenue in less than two years.”
“Serent’s partnership with CINC has been extremely successful, and we are thrilled for Duane and the entire CINC team on their exciting acquisition by FNF,” said Kevin Frick, Partner and co-founder at Serent. He continued, “The CINC team has overseen tremendous growth in their business and organization. While the growth is incredibly impressive, I also commend Duane and team for maintaining a culture of excellence and a great place to work, one of CINC’s biggest strengths. We are thankful to have been part of this chapter of CINC’s amazing story.”
The transaction is expected to close during the third quarter of 2016. GCA Savvian acted as the sole financial advisor to CINC and Serent.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating those challenges through their experiences as CEOs, strategic advisors, and board members to successful, growing businesses. By bringing its experience and capital to bear, Serent helps growing businesses thrive.
Founded in Marietta, Georgia in 2011, CINC (Commissions, Inc.) is the leading provider of web-based real estate marketing and CRM software for elite agents and teams across North America. The solution includes a consumer website that integrates with local MLS data, a complete CRM platform that allows real estate agents to nurture clients and monitor their business, and access to two mobile apps (CINC Agent App and Houses.net). Built with the support and input of some of North America’s top brokers, CINC powers the businesses of thousands of agents and connects them with millions of consumers every month. CINC’s Co-Founder and CEO, Duane LeGate was recently announced as an Ernst and Young Entrepreneur of the Year 2016 Award winner for the Southeast division. Along with this award in 2016, CINC has been highlighted as Atlanta's Top Workplace by the Atlanta Journal Constitution, one of the Top 40 Innovative Technology Companies in Georgia by the Technology Association of Georgia (TAG), the 5th fastest growing company by the Atlanta Chapter of The Association for Corporate Growth (ACG) and a Pacesetter Honoree by the Atlanta Business Chronic.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. is organized into two groups, FNF Group (NYSE: FNF) and FNFV Group (NYSE:FNFV). FNF is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation’s largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services and ServiceLink Holdings. FNFV holds majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, Ceridian HCM, Inc., Digital Insurance, Inc. and Del Frisco’s Restaurant Group, Inc.
More information about FNF and FNFV can be found at www.fnf.com.